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Three major players from Abu Dhabi have come together to launch a new dirham-pegged stablecoin, aiming to push the UAE further into the global blockchain space. The collaboration includes Abu Dhabi’s sovereign wealth fund ADQ, First Abu Dhabi Bank (FAB), and International Holding Company (IHC).
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The announcement, made on April 28, outlines that the stablecoin will be fully backed by the UAE dirham and will operate under the oversight of the country’s central bank, pending regulatory approval.
The stablecoin will be powered by the ADI blockchain, which was developed by the ADI Foundation, a nonprofit organization focused on helping financial systems and governments integrate blockchain solutions.
ADQ stated that the stablecoin project is part of a larger effort to strengthen the UAE’s digital infrastructure and place the country at the “forefront of global blockchain innovation.” The stablecoin will also be designed to support advanced use cases such as machine-to-machine payments and artificial intelligence-driven transactions.
Established in 2018, ADQ plays a key role in the UAE’s investment strategy, focusing heavily on critical infrastructure and global supply chains. IHC, with a market value of over $243 billion, is one of the country’s largest investment firms and has close ties to Abu Dhabi’s ruling family.
FAB, the largest bank in the UAE, was created in 2017 through the merger of First Gulf Bank and National Bank of Abu Dhabi. Its participation brings a major banking backbone to the stablecoin project.
If approved, the new stablecoin could offer a new layer of reliability and speed for transactions across industries in the UAE and beyond, blending traditional financial strength with blockchain innovation.